Prime Minister David Cameron has launched an interactive map of East London Tech City as the initiative celebrated...
its first anniversary.
Tech City is a cluster of technology start-ups mainly located around Old Street and Shoreditch in London. Tech City locals, Playgen and Trampoline Systems, launched an interactive Tech City Map to show the number of businesses operating in the area.
Cameron said the government are committed to accelerating growth in the area. “One year ago we made a major commitment to helping the tech cluster in east London grow. The successful growth we see today is thanks to the talented, creative entrepreneurs who have decided to set up there,” he said.
The BBC reported the map shows the number of tech firms has tripled since last year, from 200 to over 600.
The government also announced £95m regional growth fund for small and medium-sized enterprises with limited access to commercial funding. A further £500m of funding is expected to come from RBS, Natwest and HSBC.
Business leaders have been asked to advise the government on how to reduce red tape to encourage innovation among small businesses and start-ups.
Earlier this week, Intel said it will make a high-performance computing cluster available to Tech City companies.
Google said in September it plans to open an incubator business unit for technology start-ups in Tech City.